Obviously I am biased to the term vaults, but I think pots could work well also. Vaults implies a sense of security and has a strong connection to banks as they’ve always used them. It also suggests something that’s more long term and less flexible in terms of saving, as is discussed in my MA project. You have a virtual account with a set date where your vault can open and you can use funds after that point. A pot implies a lot of fluidity with money movement, for somebody who wants to save for something or put specific funds in one place but have the freedom to access funds if they want.
Why not have the ability to create a vault or a pot? One for locking/long term saving and one for general organsation and management? People save for different reasons.
I completely agree with everyone who wants separate pots for bills and anything else helpful like that. Personal I’ve opened multiple savings accounts for Birthday/xmas savings, holiday Funds, savings for my niece each month, tube travel, all household bills.
I then just use my monzo card for my remaining daily spend.
Would love to consolidate it all into one card using separate pots for each. it’s the only thing stopping me from putting my wage into my monzo current account at the moment.
Of the five officially-proposed names for this feature I voted for Pots and Accounts. Pots is short & easy to say. Accounts fits my current mental model as I use several NatWest accounts to segment my income for different purposes (savings, bills, set aside, etc)
I’d like to see a forecast graph for goals or targets in each pot as my cash flow can be a bit random & I often have to dip into a different account for various reasons. I also generally put any spare left over at the end of the month into one main savings account. A goal for me would be to reach a certain amount in that account but more important for me would be to see if I’m accelerating or decelerating in savings velocity. Eventually I’d have a true gauge on how much I can realistically save.
To be able to name the pots, separate the money from main account, ability to move the money from pots to other pots or other accounts without having to move it to main account first and maybe set a target on the pots.
Another feature maybe down the line would be to skim main account. On a certain date of the month (should be configurable by user) take what is left in the main account and move it to a pot.
For instance the day before payday whatever i didn’t spend last month automatically gets saved into a pot.
I’ve seen in the screenshots shared bu @hugo that you can set ruled on Pots.
I’m not sure what is the plan for them, but it will be good to set a rule to leave a fixed amount in the main account and move what is left to the pot. Or set a rule per transaction to round it up and move the change to the pot. The more flexible the rules will be the better.
This is by far my most anticipated feature. For me, this is about saving money for certain expenses that do not come out monthly, i.e. holidays, christmas, birthdays, annual bills etc. To put a chunk of money away every month for holidays, and then spend just from that pot when it comes to my holiday, it won’t feel like I’m taking a hit in terms of my finances that month. Theoretically, every month’s spend should be roughly the same.
I wouldn’t use it for something like bills, or shopping etc because they come out every month so it’s fine that they come from my main account.
This is amazing! Looking forward to Vaults and Pool! These are some really killer features that look fantastic, are simple to use and for those reasons will set Monzo apart from the rest well. I really like the idea of taking a set amount from your account each day and adding to the safe
LOVE IT!!!
Hope all these features make their way into Monzo CA sooon!!!
I’m also really excited about these pots/vaults/whatever-they-end-up-being-called.
A few things that would be useful for me;
Automatically set aside £800 (or whatever) out of my salary to meet my scheduled Direct Debits & standing orders.
Move £200 out of my salary into a savings account every month.
Joint pots for group trips abroad. Would be great to get a spare debit card attached to this.
Represent money held elsewhere as “pots”. Eg, a Nutmeg ISA, money held with FundingCircle etc. Or even negative balances - my mortgage or student loan could each be a pot with a negative balance that slowly moves towards zero (hopefully). I’d then be able to see my entire financial life within Monzo.
I really hope this is some top drawer CEO reverse psyhcology. Monzo have already built all of this and you are just throwing out that statement getting a bit of community support and releasing it in a test flight update tomorrow!!!
Maybe some kind of prepaid card? seriously though, dedicated plastic for short term use? I would have thought this could be done with bill sharing on steroids or adding a ‘Group pot’ transaction category tag, where all group spending shows as a running total in the pot.
The ability to share pots would be fantastic if it was possible - I could then for example share the shopping pot with my wife, or a group of friends could save for a holiday with one, or even pay for rounds of drinks (monzo is instant, after all).
I hate to be an environmental party-pooper, and although I love the practicality of this idea, in a world with so much disposable plastic would this not be pretty wasteful?
unlesssssss - what if there are cards developed for the most part with biodegradable plastic? Wouldn’t be so bad if they were to go through the wash since they’re only temporary…?
On the other hand, I love all these ideas, and they are definitely ones which I’d fine super useful.
And the kitty cards - If we’re going with temporary cards, I’m totally not joking that is a top idea!
Agreed. I’d prefer to see the option to switch which pot my existing card is linked to. In this scenario, when on holiday, I simply link my Monzo debit card to the group trip pot, and my card is now the group trip card.
I think this should be what they use for all cards.
Yeah, I guess this is a good alternative to temp cards. I personally would find it more preferential if you could have a quick toggle (e.g. a home screen button with IFTTT that lets you toggle between a selected pot and your main account) so that you can quickly choose before purchases. I would make more purchases from my own funds than kitty funds when on a group trip.
Totally! It’s great to know that a couple banks do this already so existing banks can have something to work off. Although I appreciate that from the perspective a large priority is keeping costs down so that they can continue to keep their services free/low cost for as long as possible, and this might raise a costing issue to develop cards like this. Hopefully it’s a real possibility to expect complete distribution of biodeg. cards only within the next like 10 years or something.
That would be excellent – and of course, Monzo knows what my direct debits are on average per month, so that could feasibly be entirely automatic. That would be an extremely valuable feature for me.
Represent money held elsewhere as “pots”. Eg, a Nutmeg ISA, money held with FundingCircle etc. Or even negative balances - my mortgage or student loan could each be a pot with a negative balance that slowly moves towards zero (hopefully). I’d then be able to see my entire financial life within Monzo.
This x100! I’d love a tool to help manage debt. One of the reasons I’m so excited about Monzo is to help me budget and slowly dig myself out of debt. It would be great to see the whole picture within my Monzo account.
One of the really useful things I’ve seen Squirrel.me offer is getting paid weekly. Maybe have a pot for this that automatically moves money into your main balance each week.
If Monzo wants to really show itself to be a new kind of bank, then on the question of savings/allocated funds/pots, could I suggest that Monzo talks to a couple of charities like StepChange that help people with financial problems and budgeting? I suspect they would be an excellent source of information about how people want to be able to ring-fence budgeting necessary spending from free-to-use funds.
it’s the only thing stopping me from putting my wage into my monzo current account at the moment.
seriously though, dedicated plastic for short term use? I would have thought this could be done with bill sharing on steroids or adding a ‘Group pot’ transaction category tag, where all group spending shows as a running total in the pot.
card is linked to. In this scenario, when on holiday, I simply link my Monzo debit card to the group trip pot, and 
my card is now the group trip card.
perspective a large priority is keeping costs down so that they can continue to keep their services free/low cost for as long as possible, and this might raise a costing issue to develop cards like this. Hopefully it’s a real possibility to expect complete distribution of biodeg. cards only within the next like 10 years or something.